Exceed Drills Second Cereal Well and Spuds Spruce Grove Well

Exceed Energy has completed drilling a second 50 percent working interest well at Cereal, Alberta, and has cased the well as a potential gas well. Completion operations will commence in the coming months. This is the second well in a gas play that Exceed is developing in the area. Exceed is continuing its plans to pursue land acquisitions and farm-ins that will result in additional drilling at Cereal.

Exceed has also spudded the first of two wells at its Spruce Grove Detrital oil pool. Exceed holds a 20 percent working interest in the wells. The first well is an infill well. The second well is a step-out well that is expected to extend the pool westwards. Exceed has 3.2 square kilometers of 3D seismic over the pool.